You can begin taking penalty-free withdrawals from IRAs and other tax-deferred retirement savings accounts beginning at age 59½. When you begin making withdrawals, you will owe taxes on the contributions and earnings that were previously tax-deferred. You can also elect to let your tax-deferred accounts continue to grow and tap taxable accounts first if money is needed for living expenses in retirement. You must begin taking required minimum distributions from tax-deferred savings plans when you turn 70½. We would like your feedback on this Personal Finance Frequently Asked Question.

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